Can Clean Energy Survive a Thirsty Planet?

Companies Mentioned: Rio Tinto, Arcadium, Albemarle, ExxonMobil, Fortescue, American Battery Technology Company (ABTC), Li-Cycle, Panasonic, Sumitomo, Equinor, Shell, TotalEnergies, Stockholm Exergi, Cummins, Tianjin Mainland, McPhy, Doosan, Mangrove Lithium
Commodities Mentioned: Lithium, Copper, Nickel, Manganese, Graphite, Cobalt, Steel, Aluminum, Ammonia, Methanol, Corn, Ethanol, Crude Oil, Propylene, Hydrogen, LNG, Spodumene, Rare Earths

1st Topic of the Week: Water scarcity poses a growing constraint to lithium production, with over half of global reserves in water-stressed regions—escalating risks of higher costs, tighter regulation, and supply insecurity.
2nd Topic of the Week: The IMO’s meeting next week to finalize its landmark net-zero framework could reshape global shipping economics and catalyze clean fuel adoption – will ambitions hold up amid falling applause?
Otherwise – We discuss the ABTC lithium recycling model relative to Li-Cycle, the Northern Lights’ CCS expansion, US tariff pressures on its electrolyzer industry, and global defense spending outpacing clean energy in 2024.

Exhibit 1: The C-MACC clean energy mineral index improved in March despite persistent weakness in lithium prices.